Wholesale Inventories Unexpectedly Drop as U.S. Sales Surge

Inventories at U.S. wholesalers unexpectedly declined in May by the most since September 2011 as sales surged, pointing to a pickup in orders and production.

The 0.5 percent decrease in stockpiles followed a 0.1 percent drop in April that was initially reported as a gain, the Commerce Department said today in Washington. The median forecast in a Bloomberg survey called for a 0.3 percent increase. Sales jumped 1.6 percent, the most since November.